PUNE, India, January 12, 2018 /PRNewswire/ --
The report "Methacrylate Monomers Market by Derivative (Methyl, Butyl, Ethyl), Application (Acrylic Sheets, Molding, Paints & Coatings, Additives), End-Use Industry (Automotive, Architetcure & Construction, Electronics), and Region - Global Forecast to 2022" published by MarketsandMarkets™, the global market is projected to grow from USD 8.85 Billion in 2017 to USD 11.26 Billion by 2022, at a CAGR of 4.9% during the forecast period.
Browse 110 market data Tables and 34 Figures spread through 140 Pages and in-depth TOC on "Methacrylate Monomers Market"
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Factors driving the growing use of methacrylate monomers are the application expansion achieved through the improved quality of methacrylate monomers and increased demand for Polymethylmethacrylate (PMMA) in acrylic sheets and molding compounds. Rapidly growing demand for methacrylate monomers in applications, competitive manufacturing costs, and high economic growth rate are the favorable forces driving the market of methacrylate monomers globally.
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The molding segment is projected to lead the Methacrylate Monomers Market during the forecast period, 2017 to 2022.
In terms of value, the molding segment is projected to lead the Methacrylate Monomers Market during the forecast period. The molding segment is projected to represent the bulk of demand and witness high growth across the globe due to the increasing demand of for acrylic resins in end-use products such as instrument clusters and tail lights of cars and trucks. Methacrylate monomers are polymerized into PMMA in the form of pellets and beads, which are further molded into several end-use products.
Among applications, the automotive segment is projected to grow at the highest CAGR during the forecast period, 2017 to 2022.
Among applications, the automotive segment is projected to grow at the highest CAGR during the forecast period, in terms of value. One of the uses of methacrylate monomers in the automotive industry is mainly for automotive glazing. Evonik Industries supplies PMMA products under the brand name PLEXIGLAS to be used in aircraft passenger cabins, helicopters, submarines, automotive windshields, and as glazing systems for rear side windows, roofs, and rear windows. PLEXIGLAS glazing, launched by Evonik, is 40% to 50% lighter than conventional glass, which is of great interest to vehicle manufacturers.
Asia Pacific is projected to lead the global Methacrylate Monomers Market during the forecast period.
Asia Pacific is projected to be the largest Methacrylate Monomers Market during the forecast period. Asia Pacific has emerged as the leading customer of methacrylate monomers owing to the increasing demand from various applications in the region, increasing disposable income, and easy access to resources. The growth of the Methacrylate Monomers Market in the Asia Pacific region is mainly driven by China, which is experiencing substantial growth fueled by the rising investments in the infrastructure required for establishing manufacturing facilities for methacrylate monomers in the country.
Rapidly growing demand for methacrylate monomers in applications, competitive manufacturing costs, and high economic growth rate are the favorable forces driving the market of methacrylate monomers in this region. The Chinese and Indian governments have been relaxing the regulations for private investments in various industries such as automotive, construction, electronics, and medical for a few years. Owing to these factors, the methacrylate monomers manufacturers are expanding their production capacities in various Asia Pacific countries, thus driving the market.
Key players profiled in the report are Mitsubishi Chemical (Japan), Evonik (Germany), Dow Chemical (US), Sumitomo Chemical (Japan), LG Chem (South Korea), and Arkema (France), among others.
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